Kevin Warsh was sworn in as the Chairman of the Federal Reserve on Friday. He takes over from Jerome Powell who was the Fed Chair for the last eight years; Powell will stay on as a voting member of the committee.
Warsh’s tenure begins at a difficult time. Inflation is rising, there is a war and the president has been clamoring for lower interest rates since his second term began last year. The central bank is intended to be independent and is expected to act in the best interests of the country, not cede to political pressure.
Warsh was the first Fed Chair since 1987 to be sworn in at the White House. Warsh stated his aims are to promote price stability and maximize employment. Warsh said he “…will lead a reform-oriented Federal Reserve, learning from past successes and mistakes, both escaping static frameworks and models, and upholding clear standards of integrity and performance.”